(Census Bureau) US housing starts for privately-owned units rose by a monthly 6.8% to an annual rate of 1.769 million in February and were up 22.3% from the prior year.
Housing completions also rose in February to hit an annual rate of 1.309 million. The completions were 5.9% higher than January, although the rate was 2.8% below February 2021.
The housing permits still posted a monthly decline of 1.9% to an annual rate of 1.859 million in February. The authorizations were still 7.7% above the comparable month of 2021.
The fall in housing permits happens when builders are experiencing a shortage and uptick in the cost of raw materials, which saw the builder confidence hit a six-month low in March. An uptick in mortgage rates above 4% could also pose a challenge in house affordability.
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